I started running my own businesses (or divisions within larger businesses) in my mid-30s, and by that stage in my career I wasn't that bothered about my job title. As I'd got older, what was written on a business card mattered less than the challenge ahead of me. And, of course, the potential financial reward. Status was less important than the work and rewards.
But that wasn't the same with the team inside the oragnisation, and on occasions I overlooked the organisational hierarchy and made a mess of it.
Strange really because in my early career my job title and the trappings that went with it were very important. I remember glowing with excitement when I was promoted from Product Manager to Senior Product Manager. I went from having a small cube, to a bigger one with a credenza and being located by the window instead of the centre of the office.
And when they upgraded my company car from a Mercedes 190 to a Mercedes 220, I nearly wet myself, I was so thrilled. A little bit more money in my pocket and a spanking new car to drive my family around in.
Job titles are important for CVs, handing out to customers and suppliers, and for LinkedIn - they demonstrate progress and career success. Employees need to be able to talk about their upwards trajectory. If you have the job title Graduate Engineer for 5 years, your family, friends and potential new employers are going to ask what's wrong? You've got to progress up through Enginner, Lead Engineer, Senior Engineer, Engineering Team Leader, Engineering Manager and Director of Engineering (or other equivalent titles) in a reasonable timeframe.
I don't mean you should hand out new job titles like sweets at Halloween. To have significance they've got to be well earned for great performance. But what you can do is carefully construct your oranisation's hierarchy so that each step up the ladder comes with increased responsibility, recognition and reward, and that they really mean something.
It's an important part of the Remuneration, Challenge, Recognition & Opportunity structure.
My advice is to take care over this - it can turn into a demotivating mess quite quickly.
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